For the period from January 1st to March 31st 2003, buyers and fishermen are allowed to enter into contracts of delivery regarding mackerel. A contract with reference to this period has to be transmitted to Norges Sildesalgslag within January 15th to be approved. The permission to enter into contracts applies to Norwegian as well as vessels from other countries. Furthermore, the following conditions apply:

1. Minimum period of a contract is one month. A contract is mutual binding for the parties.

2. The contract shall contain agreed price for the mackerel for a minimum period of one month, and in addition any rules regarding adjustments of the price.

3. A vessel can only deliver mackerel to the buyer (buyers) it has a contract with. It is possible for two buyers to enter into a contract with one vessel. Vessels with a contract of delivery, are not in a position to sell mackerel at the auction. But, in special cases exceptions can be made by Norges Sildesalgslag.

4. The contract of delivery has to be transmitted to Norges Sildesalgslag at least 5 days before the first landing takes place.

Vessel’s total quota this year related to the actual species .................................

Remaining part of vessel’s quota upon entering the contract .............................

The undersigning parties of this application recognize as follows :

1. Delivery according to the contract cannot take place before Norges Sildesalgslag (NSS) has approved this contract of delivery.

2. The provisions of the contract shall be second to possible decisions made by NSS in respect of directing vessels, turnquotas, provisionals catchstop or any other decision made due to receiving constraints.

3. All catches are to be reported to NSS in proper and usual manner when the vessel leaves the fishing ground to unload.

4. The principle of getting turn for unloading following time of arrival at delivery port, shall apply as normal also for vessels making delivery according to firm contract. This means that any vessel delivering according to such agreement, has no right to deliver prior to any other vessel basing her delivery on auction at the same spot, unless arriving earlier.

5. NSS will take care of invoicing and due payment as normal. It is not allowed to pay directly to the fisherman. Any possible advance payment can only be paid when prior agreed by NSS.

6. The guarantee clause operated by NSS is valid as normal. This means that any delivery can be stopped if the guarantee is not considered appropriate. In order to enable NSS to control the guarantee arrangement and charge the buyer correctly, NSS has to be notified on the contract price.

7. Contract prices are not binding if minimum prices set by NSS are raised above contract prices during the season. Contract prices shall not be lower than applicable minimum prices at any time.

8. All other rules and regulations set by NSS shall apply as normal.

9. In case of breach of the contract or any provisions under it not being properly kept, approval of this contract can be withdrawn at any time.

Alterations or adjustments made to the contract are not valid unless approved by NSS.